Certain assets may be subject to contractual or legal provisions which limit the owner’s ability to sell that asset or which restrict his choice of purchaser. This is often the case in respect of unquoted shares and interests in partnership assets. The statutory fiction however requires a sale to take place in the open market and therefore, such restrictions are to be ignored in order to hypothesise the sale, but will be factors that a hypothetical purchaser would take into account in determining the price he would offer, because those restrictions would limit his subsequent ability to realise the value of his asset.

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